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Last Friday, the main 2008 contract of Shanghai aluminum opened at 13625 yuan / ton in the morning, after a short long and short game, the bears took the initiative, and the long position reduced the price of Shanghai aluminum down to the low of 13590 yuan / ton
in the day.
After the short profit left the market at noon, the bulls entered the market and continuously raised the aluminum price to the intraday high of 13670 yuan / ton, recording an increase of 0.
33%.
In the afternoon, the price of Shanghai aluminum was sniped by the bears, and the bulls reduced their positions significantly, and the Shanghai aluminum gave up its midday gains to close at 13605 yuan / ton
.
Paying attention to the impact of changes in electrolytic aluminum inventory on traders' sentiment, it is expected that today's spot tight state will be maintained, the main operating range of Shanghai aluminum is 13570-13950 yuan / ton, and the spot pair is rising by about
200-220 yuan / ton in the month.
The price of Chinalco East China AOO aluminum ingots was 14,030 yuan / ton, down 20 yuan
.
Domestic downstream stockpiling and some replacement of scrap aluminum, electrolytic aluminum inventory continues to degrade without seeing a turning point; May scrap aluminum imports fell sharply by nearly 70% year-on-year and nearly 20% month-on-month, and spot aluminum prices are expected to rise
today.
The social inventory data of aluminum ingots released before the holiday was 722,000 tons, down 32,000 tons
weekly.
Domestic demand in June remained good for the time being, mainly driven by construction, infrastructure and medical equipment sectors, while exports, unwrought aluminum and aluminum exports in May were 382,900 tons, showing a year-on-year and month-on-month decline, and overseas is currently in the stage of economic recovery, but in the case of high internal and external ratios, the export increment driven by the improvement of external demand is still limited, and exports are expected to remain low
.
On the supply side, Guangxi Xiangji has recently shut down production capacity due to weather and operational reasons, but recently Yunnan Shenhuo Phase I Phase II 150,000 tons of production capacity began to be put into operation, coupled with the previous new production capacity in Yunnan, Sichuan, Shanxi and other places, the supply growth trend has not changed
.
At present, aluminum stocks have gone to the level of 700,000 tons and there is no clear accumulation signal, and short-term aluminum prices remain strong
.
